When business is going well in the U.S., you’re ready to think about a global business strategy. When you reach more countries, you sell to more customers and raise your bottom line. You may even find there’s more demand for your product in another market outside the U.S., or that there’s simply less competition. With the digitalization of business and the homogenization of cultures, it’s easier than ever to put your products on the global market and win big. If you’ve been thinking about taking your company global, here are four reasons you should do it:
1. Extend the Sales Life of Your Products
By diversifying the markets you serve, you run less of a risk for sales stagnation. A fashion trend that came and went in the U.S. could be just catching on in Italy or Brazil. You can beat seasonal fluctuations and see strong sales all year long on a global scale because winter in the U.S. is summer in Australia, and vice versa. By going global, you get more out of your existing products because you’re not depending on one market to sell them to. With the globalization of culture and the way social media has connected the world, it’s easier than ever to appeal to other markets without changing your products.
2. Take Advantage of The Internet
In the past, companies had to weigh their options between the benefits of going global and the cost and effort it took to do so. Today, it’s a no-brainer. The Internet enables companies to operate globally without a physical presence in other countries. Even personal brands can do global business from home. All you need is Wi-Fi and tools like Skype or social media that connect you to business partners and customers around the world for free—no travel expenses required!
3. The Freelance Economy Makes it Easy
With statistics suggesting that 43 percent of the U.S. workforce will be freelancers by 2020, today’s freelance economy is another reason it’s easier than ever for companies to go global. By outsourcing work to remote freelancers, you get to work with experts without the cost of having full-time employees. Online, you can easily find freelancers who can create marketing content that appeals to cultures of their expertise.
Amway is a great example of a global company taking advantage of the freelance movement. Sometimes direct-sales companies are labeled as pyramid schemes, but Amway’s business model is different. The company’s independent business owners (IBOs) around the world sell Amway’s products directly to consumers. These “intrapreneurs” don’t make money from recruiting, which means it’s not the scam it’s made out to be. Rather, by allowing people to be their own boss, Amway outsources product sales to people with local expertise, and are able to scale globally as a result.
4. Get the First-Mover Advantage Over Competitors
When you reach a new market before your competition does, you’re able to supply more demand, and potentially make more profit than you could in the U.S. You can also build solid brand awareness without other brands fighting for the spotlight. Especially as competition grows among small businesses in the U.S., it’s never too early to enter other economies so you can have a first-mover advantage.
The Global Edge
Gone are the days when only big-name companies had an international presence. Today, personal brands and small businesses are stepping out onto the global stage, and for good reason. Going global may be the fastest step you can take to grow your business. By making the most of the Internet, the freelance economy and other markets, you can get an edge over your competition and see more success than you would staying home.